SHANGHAI, Oct 12, 2007 (AFP) - China has approved the establishment of a special export zone in the southern island province of Hainan in a bid to boost trade especially with Southeast Asia, state media said Friday.
The Yangpu Bonded Port Area will enjoy tax breaks and other preferential policies similar to three zones in Shanghai, Tianjin and Dalian, the Shanghai Securities News said, citing local customs official Li Lanxue.
Close to the countries of Southeast Asia and rich in oil and gas resources in the South China Sea, the port is expected to become a logistics hub as well as an export centre for petrochemicals, vice province governor Jiang Sixian said at a press conference Thursday.
"It's conducive to faster economic growth of Hainan and the whole region," Jiang was quoted as saying.
The Yangpu Port, approved by the State Council or cabinet, will be built up in three phases and eventually cover an area of 9.2 square kilometres (3.7 square miles) with an annual throughput of 70 million tonnes, the report said.